Sif increases production by over 20% in 2017

Sif's Maasvlakte 2 factory. Photo by: Sif Holding NV (www.sif-group.com).

March 16 (Renewables Now) - Sif Holding NV (AMS:SIFG), the Dutch manufacturer of tubular components for offshore foundations, on Thursday said its production in 2017 rose 21.5% year-on-year to 232 Kton.

Production in the fourth quarter was at a record level after the start-up of the second production line at the company's new facility in Maasvlakte 2 in Rotterdam and the upgraded plants in Roermond.

Profit attributable to shareholders fell 17.7% to EUR 30.8 million (USD 37.8m), while normalised earnings before interest, tax, depreciation and amortisation (EBITDA) declined 12.7% to EUR 57.1 million, which the company said was better than its forecast in November 2017.

Contribution, defined as revenue minus cost of sale, climbed 4.7% to EUR 135.6 million, with offshore wind accounting for about 90%.

Chief executive Jan Bruggenthijs said the company is seeing a high utilisation of production capacity in the first months of 2018 but it is too early to provide a forecast for the whole of 2018. "We have drawn-up contingency plans that include the (temporary) reduction of the flexible labor pool and the carrying out of overdue maintenance to minimize the consequences of underutilization of capacity during the second half of the year in case the project for which we recently entered exclusive negotiations does not materialize into a contract," the CEO explained.

The company says the outlook for 2019 and beyond is good.

(EUR 1 = USD 1.227)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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